Quick Take

Bitcoin (BTC), once viewed as a fringe digital asset, has ascended to claim the rank of the 16th largest currency worldwide when compared to various fiat currencies on a market capitalization basis. Measured by multiplying the total circulating supply of 19.5 million BTC by its unit price, Bitcoin’s market capitalization underscores its evolving role in the global financial sphere.

FiatMarketCap’s innovative methodology of expressing fiat currency market caps in Bitcoin terms offers an insightful viewpoint. It reveals the growing significance of digital asset like Bitcoin within a traditionally fiat-dominated space. China’s Yuan, the US Dollar, and the Euro occupy the top three ranks, with market caps calculated in Bitcoin exceeding Bitcoin’s finite supply limit of 21 million BTC.

The acknowledgment of Bitcoin as the 16th largest currency highlights the digital asset’s swift ascent and its burgeoning recognition as a potential store of value. It’s a testament to Bitcoin’s resilient market presence, challenging the conventionality of established national currencies.

#
Currency
Market Cap
Price
Circulating Supply
1
CNY
964,464,514 BTC
331 sats
291,200,000,000,000 CNY
2
USD
885,730,966 BTC
2,354 sats
37,618,765,569,000 USD
3
EUR
385,664,938 BTC
2,614 sats
14,751,875,000,000 EUR
4
JPY
267,109,023 BTC
16 sats
1,597,004,000,000,000 JPY
5
GBP
104,478,044 BTC
3,007 sats
3,473,701,000,000 GBP
6
KRW
95,227,269 BTC
1 sats
5,207,204,000,000,000 KRW
7
INR
68,028,626 BTC
28 sats
240,337,000,000,000 INR
8
CAD
63,344,794 BTC
1,784 sats
3,549,553,000,000 CAD
9
BRL
51,340,427 BTC
486 sats
10,552,680,000,000 BRL
10
HKD
50,722,042 BTC
301 sats
16,833,762,000,000 HKD
11
AUD
47,420,988 BTC
1,611 sats
2,942,000,000,000 AUD
12
TWD
46,213,992 BTC
76 sats
60,296,879,000,000 TWD
13
CHF
31,922,437 BTC
2,818 sats
1,132,535,000,000 CHF
14
RUB
24,087,950 BTC
26 sats
91,135,000,000,000 RUB
15
MXN
21,811,869 BTC
139 sats
15,666,762,864,000 MXN
16
BTC
19,582,968 BTC
100,000,000 sats
19,582,968 BTC

Source: fiatmarketcap.com

The post Bitcoin climbs the currency ranks, now 16th largest by market cap globally appeared first on CryptoSlate.

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Filed under: Bitcoin - @ December 29, 2023 5:00 am